INDIAN BANK Vs. UNITED SEAMLESS TUBULAAR PRIVATE LIMITED

JUDGEMENT

(1.) Heard Shri V.K. Sajith, Learned Counsel for Financial Creditor and pursued all the documents filed in support of the case.

(2.) The Learned Counsel submitted that the date of default is 30/09/2016 and all the particulars of the outstanding claim in default has been filed as Annexure-I of the CP. The Corporate Debtor failed to clear the above outstanding amounts, even though they were aware that they are supposed to pay outstanding loans. The case was instituted in April 2017.

(3.) Considering above, we have granted sufficient opportunities for both the parties and after satisfying that no disciplinary proceedings are pending against the proposed Insolvency Resolution Professional, we are inclined to appoint Insolvency Resolution Professional and grant moratorium under Insolvency and Bankruptcy Code, 2016.